Per reporter: Li Na
● The 6 public REITs listed in succession recently all opened with a limit limit, and finally 5 rushed to the top of the 30% limit, and 1 rose close to the upper limit. So, how can the public participate in buying and selling?
The equity market is a bit difficult this year. IPOs broke, core assets were sold off, and new fund issuance was cold; Equity funds suffered large losses (during the year).
Under such circumstances, there is a class of public offering REITs that is extremely popular, with offline subscriptions frequently exceeding 100 times and public placements repeatedly hitting new lows!
Domestic public REITs focus on infrastructure areas such as highways, industrial parks, warehousing and logistics, sewage treatment, and affordable housing, and they are actually the equity of infrastructure project companies corresponding to the raised funds. Subject to meeting the relevant fund distribution conditions, public REITs shall distribute income at least once a year, not less than 90% of the annual distribution amount of the combined fund.
Due to their dual IPO and secondary market trading attributes, REITs have become synonymous with risk-free IPOs against the background of the myth of undefeated IPOs this year, and the overall average premium rate is still close to 30%; In terms of secondary market trading, 20 REITs have been listed so far, and this year it has far outperformed the broad-based index in the same period.
What's even more popular is that the 6 REITs listed recently are all on the limit board, and finally 5 rush to the top of the 30cm limit, and 1 is also close to the upper limit.
Public REITs, a well-known yield product that is not yet well known to the public, is still on the way to subsequent expansion, and product subscription, new launch, and listing and trading are all full of attraction; If you missed 21 years of fixed income+, 22 years of convertible bonds, you can't miss it now!
How can investors subscribe to public REITs? At present, it can be purchased on the official website of the fund company and on third-party platforms. You can also buy and sell on the brokerage app through the securities account where you trade stocks, which is the most convenient.
Hot: offline subscriptions are 100 times normalized
Before the white line on October 14, who was staging the rise and stop show in the A-share market at the 3,000 point mark of the recent (Shanghai Index)?
Last week (October 10-14), three new products of public REITs were launched. On October 10, Huaxia Hefei High-tech Park REIT was listed, and the first-day increase rushed to the top of 30%, closing at 2.847 yuan.
On October 13, Guotai Junan Lingang Innovation Industrial Park REIT was listed, with the same 30% increase, closing at 5.356 yuan on the same day.
On October 14, Guotai Jun An Dongjiu New Economy REIT was listed, and instantly rushed to a 30% rise or fall at the opening, and finally rose 27.15% throughout the day to close at 3.859 yuan.
Back on August 31, you will find that of the 6 public REITs listed one after another recently, 5 of the first day of listing gains, 5 of them instantly stood at the top of the 30% increase, and one was close to 30%, almost hitting the bullseye.
In August 2022, publicly offered REITs clearly entered the expansion stage.
Since the launch of three REITs, including CICC Xiamen Anju on August 16, 6 products have been raised and 3 products have been listed. The number of publicly offered REITs reached 20 in a short period of time. With the approval of two new REITs of Huatai Capital Jiangsu Traffic Control Expressway and CICC Anhui Traffic Control Expressway, and the REITs of Huaxia Heda Hi-Tech Industrial Park are under review, the team of public REITs may increase to 24.
Similar to the hot performance in the secondary market, in the primary market, the offline subscription multiples of REITs have also begun to break 100 times frequently and become the norm.
On July 7, Peng Hua Fund issued an announcement that as of July 6, 2022, the "Offering Announcement" disclosed that 275 valid quotation placement targets managed by 80 offline investors had been subscribed offline and paid in full as required, corresponding to 13.565 billion valid subscription fund shares, while the number of fund shares offered by its offline investors was 126 million. The fund's offline subscription reached 107.66 times.
This is the beginning of the 100-fold breakthrough of REITs. Subsequently, CICC Xiamen Anju REIT and Huaxia Beijing Affordable Housing REIT had offline subscription multiples of 108 times and 113 times respectively. When the market was still lamenting the record of 133 times the offline subscription multiple of the red clay Shenzhen Anju REIT, in an instant, the inquiry and quotation information of 285 placing objects managed by 91 offline investors of the Huaxia Hefei High-tech REIT, which was officially launched on September 14, showed that the total number of all placing objects to be subscribed was 26.907 billion, which was 156.89 times the number of initial offline offering shares, setting a new online inquiry record for public REITs. According to recent announcements, the offline subscription of two REITs, Guojun Lingang and Guojun Dongjiu, has also exceeded 100 times. So far, 7 public REITs have subscribed more than 100 times online.
The gold-absorbing ability of a single REIT should not be underestimated, with Guojun Dongjiu REIT raising 500 million shares and a total subscription amount of more than 85.5 billion yuan. Guojun Lingang REIT debuted, with a total pre-placement subscription amount of more than 72.7 billion yuan for strategic investors, offline investors and public investors. Huaxia Hefei High-tech REIT, which set a record for offline subscriptions, exceeded the 100 billion mark before the placement ratio of strategic investors, offline investors and public investors, reaching 129.4 billion yuan. Among them, the placing ratio of the public offering part was as low as 0.23%, setting a new record for the public placement ratio.
In sharp contrast, in May 2021, the first batch of 9 public REITs were oversubscribed on the first day, with an average offline subscription multiple of only about 8 times.
What exactly are REITs?
In stark contrast to the rising rate of IPO abandonment, REITs continue to be hot in the primary market and have become the target of new capital pursuit.
As we all know, public REITs invest in mature infrastructure assets for the main purpose of obtaining stable cash flow such as rents and charges for infrastructure projects, rather than traditional public funds buying and selling stocks, bonds and other varieties. The income distribution ratio of public REITs shall not be less than 90% of the annual distribution amount of the combined fund.
Song Shiyi of Shenwan Hongyuan's financial engineering team has pointed out that according to data provided by Bloomberg, as of September 7, 2022, there are more than 900 REITs listed on the global market, distributed in 45 countries and regions. Among them, there are 237 US REITs products, with a total market capitalization of more than $1.42 trillion. Europe and Asia have 258 REITs and 235 REITs.
Huaxia Fund believes that the United States is currently the largest market for REITs, taking the US market as an example, from the perspective of transaction structure, the United States mainly adopts a "corporate" structure, with SPVs directly holding and operating real estate and infrastructure. Domestic public REITs adopt the "public fund + ABS" model, which belongs to the "contract" structure and is based on the major innovative design under the framework of current laws and regulations. From the perspective of the underlying asset industry, US REITs not only invest in infrastructure projects such as infrastructure, industry and warehousing, but also invest in real estate projects such as residential, office and retail properties. Domestic public REITs focus on infrastructure areas such as highways, industrial parks, warehousing and logistics, sewage treatment, and affordable housing, and also clarify that real estate projects such as hotels, shopping malls, and office buildings are not within the scope of the pilot.
Looking at the REIT projects currently issued in China, Huaxia Fund said that it mainly focuses on key regions, key industries and high-quality projects. It is required that the pilot project has clear ownership, mature business model and market-oriented operation ability, has generated sustained and stable income and cash flow, has a good return on investment, and has sustainable operation ability and good growth potential.
In addition, a few days ago, Huaan Zhangjiang Everbright, Bosera Shekou Industrial Park, Zhongjin GLP, Hongtu Yantian Port and Fu Quoc Capital Water, a total of 4 property REITs and 1 management right REITs, have successively issued expansion announcements. The underlying assets to be expanded by the five REITs are assets of the same category or even similar regions, and have good synergy with existing assets.
In addition to dividends and dividends, capital market profits are also part of the income source of ordinary investors' investment in public REITs.
Reasons for pursuit: risk aversion, short supply, public attributes
Some investors believe that the asset shortage in 2022 and the strong risk aversion in the market have made public REITs boom, after all, although the first batch of REITs are sought after, they are not as hot as they are now. At the same time, many investors believe that the popularity of REITs is a process of gradually discovering their investment value.
Huaxia Fund also told reporters that according to the requirements of the Guidelines, the income distribution ratio of public REITs shall not be less than 90% of the annual distribution amount of the combined fund. Therefore, public REITs have the characteristics of high-quality and mature underlying assets, relatively clear cash flow expectations, mandatory dividends, etc., and the expected risks and returns are higher than bond funds and currency funds, lower than equity funds, and can provide long-term stable cash flow.
From the perspective of asset allocation, public REITs have low correlation with other major types of assets, and are allocation assets that diversify risks and optimize investment portfolios. Under the background of volatile equity market and "asset shortage", public REITs can meet the allocation needs of investors.
From the perspective of market supply and demand, mainland public REITs are still in the early stage of listing, and the listed public REITs products have passed strict regulatory review, have excellent asset quality, and have a strong willingness to allocate various funds. At present, the stock of listed projects is small, and the proportion of circulating orders is not high, and the limited supply of products further aggravates the pursuit of public REITs by various funds.
A senior ABS person from a brokerage firm said in a telephone interview that the reasons for the popularity of REITs are many, first of all, related to the attributes of this product, although REITs are equity closed-end funds, but its own characteristics are heterogeneous in equity, more inclined to the color of fixed income +. Secondly, (through an economic cycle) in the case of an unstable macroeconomic environment, whether it is transportation, energy, affordable housing, or new energy, including some new infrastructure, data centers, etc. that will be expanded in the future, these types of assets can basically obtain a relatively stable income. REITs are not related to the stock market, or even the complete opposite, and their safe-haven effect is revealed. Moreover, public REITs are still in the pilot stage, and the strict approval system is not the filing system, the compliance requirements are stricter than traditional IPOs, and the selection of pilot assets for pilot projects is also the best of the best, thus forming a situation where supply exceeds demand. Finally, REITs themselves are a public good, the threshold for participation is relatively low, and the guaranteed return of 4% per year is very attractive to both institutional and individual investors.
Obviously, in the context of the asset shortage in 2022, the stable asset nature of REITs themselves, the attributes unrelated to equity assets, the pattern of short supply and demand, and the attributes of public goods have made their current market boom.
REITs: Alternative Fixed Income+
When the risk of equity assets comes, fixed income assets at the other end of the seesaw often become a safe haven for funds.
In fact, in the eyes of many investors, public REITs also have the color of fixed income +.
"This color is obviously different from the traditional fixed income +. Traditional fixed income+ is an investment strategy and a way of asset allocation. The public REIT product itself is not a concept of diversification, it is actually the equity of the infrastructure project company corresponding to the raised funds, but only the project company or the underlying assets. Its operation is characterized by the nature of fixed income. For example, tap water or sewage treatment, there are no special circumstances, as long as there is no particularly large change in the residents of the city, its water charges or treatment capacity are relatively stable, so this is a component similar to fixed income. Highways, transportation, including new energy are the same, it generates electricity every year to the Internet, and the assets themselves are with this relatively stable characteristic. A senior ABS person told reporters on the phone.
"So where is the + part? After all, public REITs still have a certain space for imagination, for example, with the development of the economy, its traffic, traffic flow, and the load factor of high-speed rail are rising, and there is a certain production space. In addition, between the rise and fall of secondary market prices, you may also enjoy excess returns. If investors firmly believe that if we get out of the current economic environment, the net value of the fund will be further improved, and the price of the secondary market will also be reflected. So from this point of view, we call it an equity product, but with the characteristics of fixed income + income. The senior ABS source further explained.
Existing public REITs can be divided into franchise REITs and property REITs. It is worth noting that although they are both REITs, the investment logic of the two is not exactly the same, the former has a high dividend yield but less price elasticity, and the debt is more obvious; The dividend yield of equity REITs is relatively low, but the future appreciation space is large, which is more equity-oriented.
When it comes to fixed income+, the market easily thinks of bond funds and currency funds.
In terms of returns, Wind data shows that from the beginning of the year to October 14, the average return of the best-performing medium and long-term pure debt funds was 2.58%, and the average return of traditional currency funds was 1.363%. In contrast, the high proportion of dividends is a highlight of public infrastructure REITs. According to the requirements, under the premise of meeting the relevant fund distribution conditions, the public REITs shall distribute income at least once a year, not less than 90% of the annual distribution amount of the combined fund, and the net cash flow distribution rate shall not be less than 4% in principle. On an annual basis, public REITs are likely to earn higher returns than monetary funds and pure debt funds. At the same time, from the perspective of liquidity, public REITs can be listed in the secondary market and have more trading attributes.
According to public data, 12 of the 20 listed public REITs have completed dividends. CICC GLP REIT and Ping An Guangzhou Guanghe REIT should have completed 3 dividends, and 6 REITs such as Bosera Shekou REIT have completed 2 dividends. In terms of the cumulative dividend amount per unit, AVIC Shougang biomass REIT, Zhejiang Shanghai-Hangzhou-Ningbo REIT and Ping An Guangzhou Guanghe REIT all exceeded 1 yuan, among which AVIC Shougang biomass REIT unit had the highest cumulative dividend, reaching 1.6758 yuan. Huaxia CCCC Express REIT, which was listed on April 28 this year, also launched a dividend plan with a unit dividend of 0.0829 yuan, the equity registration date is October 11, 2022, and the dividend payment date (off-market) is October 13, 2022.
Of course, the issuance of interbank certificate of deposit index funds in the first half of 2022 is also hot. Interbank Certificate of Deposit Index Fund, as the name implies, is an index fund that mainly invests in interbank certificates of deposit (the proportion is not less than 80% of the fund's assets) and tracks the interbank certificate of deposit index. Similar to other index funds, it is also divided into passive index funds and active index funds. Generally speaking, the management fee, custody fee and sales service fee of the interbank certificate of deposit index fund are only 0.2%, 0.05% and 0.2% respectively, and the total fee rate is only 0.45%. As of October 14, 2022, the 34 interbank certificate of deposit funds existing in the market have exceeded 220 billion yuan, with an average return of 0.907% in the first three quarters, and the highest Penghua interbank certificate of deposit index 7-day holding fund, with a return of 2.1147% in the same period.
"I think public REITs will have a certain alternative to monetary funds, but there are still relatively few of them. In the long run, public REITs will also face the scarcity of underlying high-quality assets. In contrast, the IMF itself is flexible and adequately supplied. The trading volume of public REITs is certainly not as sufficient as that of monetary funds, because although they can be sold at any time in the secondary market, they cannot be redeemed from managers, and their own strong trading characteristics are that many large institutions are used as allocations. The aforementioned brokerage person said.
REITs: Risk-free new spokespeople
Despite the title of fund, both institutions and investors prefer to use the current public REITs as the new spokesperson for the current risk-free fight.
Public REITs in 2022 are very hot, with almost no breakage on the first day of listing. In fact, the term "new" is not accurate, and it should be called subscription, which is essentially similar to new fund raising. At the same time, the subscription of funds is completely different from the stock launch. If it is said that playing new shares is a lottery system and trying luck, then the subscription of public REITs depends more on financial strength. Public REITs are placed in proportion to the amount of funds subscribed.
For example, if a REIT issues a total of 20,000 shares to public investors, the issue price is 8 yuan per share, the total subscription funds of all public investors in the market are 8 million yuan, and the investors subscribe for a total of 50,000 yuan, then the actual amount obtained is approximately 2*8*5/800=01000 yuan.
A large private equity fund person told reporters on WeChat, "Our REIT positions are not much, if the placement is placed, it is mainly sold on the first day of listing." ”
According to Wind data, as of October 14, 2022, the 20 listed public REITs rose without any price drop on the first day of listing, with an average increase of 15.03%. Last week, three REITs went public, Huaxia Hefei REIT and Guojun Lingang REIT, which were directly closed to the top 30% gainers. After Guojun Lingang REIT opened straight to 30CM, it rose by 27.15% on the first day of listing, in addition, the data shows that among the 20 public REITs on the first day of listing, a total of CICC Xiamen Anju REIT, CCB Zhongguancun REIT, Huaxia Beijing Affordable Housing REIT and Hongtu Shenzhen Anju REIT, all of which rose by 30% on the first day of listing.
This is in stark contrast to the recent IPO breakdown on the first day of listing. On September 19, Wanrun Xinneng launched online new development, the issue price was as high as 299.88 yuan / share, and investors needed to pay about 149,900 yuan for one signing. Wanrun Xinneng has also become the highest-priced new stock of the year and the second highest-priced new stock in history, and its issuance results show that online investors abandoned more than 20%. On September 29, the new stock fell below the issue price on the first day of listing, closing at 217.14 yuan per share, a drop of 27.59%. On October 12, the stock almost fell below the 190 yuan / share mark, and the lowest intraday reached 190.11 yuan / share. On October 14, the secondary market price of the stock returned to above 200 yuan, but it was still far from the issue price.
Some people believe that the era of "closing one's eyes and making new ones" and "one China is a big meat stick" has passed.
Looking at the performance since listing, the public REITs that have suffered twists and turns in the secondary market still have good gains. According to Wind data, as of October 14, 2022, 20 public REITs have been listed so far (including the first day of listing), and the overall average increase in secondary market prices over the same period is 29.78%. Huaan Zhangjiang Everbright REIT's price has risen by more than 50% since its listing. Five other REITs, including CICC GLP Warehousing and Logistics REIT and Bosera China Merchants Shekou Industrial Park REIT, also rose by 40%-50%.
Huaxia Fund believes that under the background of falling interest rates and "asset shortage", public REIT products are in short supply, and there is a price difference between the primary and secondary markets of public REITs, that is, the distribution rate corresponding to the issuance price is still higher than the distribution rate corresponding to the secondary market price of the same type of listed projects, and it is expected that the possibility of breaking in the short term is not large.
For public REITs, in addition to dividends, capital market gains are also part of the source of income from investing in public REITs. So, what about the benefits of directly buying and selling public REITs in the secondary market?
In addition, the data further shows that from the perspective of rising discounts, as of October 14, only Ping An Guangzhou Exchange REIT and Huaxia China Communications Construction High-speed REIT were at a discount among the public REITs, with the former closing price of 11.947 yuan, the net unit value of 12.614 yuan, and the discount rate of 5.29%. The average premium rate of the 20 public REITs was 29.45%. AVIC Shougang Biomass REIT and Huaan Zhangjiang Guangdayuan REIT both have premium rates of more than 50%.
"Different REITs sell differently on the first day of listing, because some are new highs on the first day of listing, and some are actually okay on the day of listing, and then have to rise for a few more days. This is a normal process, after all, public REITs are still in the pilot stage. After the expansion is accelerated, the product supply is more, which should be relatively alleviated. The senior ABS person of the brokerage firm said.
"In order to give full play to the real role of public REITs, the key depends on the level of operation and management of the underlying assets. Investors play new strategies are the most common, with considerable returns and fast realization, which is often called making quick money, but the problem is that the public subscription ratio of public REITs is extremely low, and the new share is very small. In the secondary market, the average premium rate of public REITs is close to 30%, and there is a certain risk in direct participation. The aforementioned brokerage veteran pointed out.
For public REITs, Huaxia Fund recommends rational investment to avoid chasing the rise and killing the fall. If there is a relatively large retracement in the secondary market price, it may be a good opportunity to bargain hunting; If the price of some products that have risen at a high rate rises further, significantly exceeding their intrinsic value, it is not recommended to chase higher in the short term. The investment of public REITs should be comprehensively considered and judged by combining the intrinsic value of the underlying assets, the implied long-term return on investment, the liquidity of the secondary market, and the investor's own investment return requirements.
The biggest risk: economic prosperity
Unlike traditional fund managers, who often climb the grid to select stocks and buy individual stocks, the fund managers of public REITs are actually engaged in the operation and management of the REITs' underlying asset project companies. This means that public REITs face different types of risks.
"There is no doubt that if the macroeconomic downturn, every industry will be affected, even if the underlying assets of current public REITs are relatively stable infrastructure sectors." The senior person of the aforementioned brokerage firm further said.
From the interim report disclosed by public REITs this year, it is not difficult to find that due to the epidemic disturbance in some parts of China in the second quarter, the revenue of highway and individual industrial park REITs in the first half of the year was dragged. In contrast, warehousing and logistics and eco-friendly REITs are more resilient. This also differentiates the performance of different types of public REITs in the secondary market.
In the interview, there was also a certain consensus on the risks faced by public REITs - the repeated local epidemics have affected the operation of the underlying assets of REITs; There is a risk that the implementation of rent relief by some REITs may affect the amount that can be distributed.
In fact, it is undeniable that public REITs have a high investment concentration, and more than 80% of fund assets are invested in infrastructure asset-backed securities (ABS) and ultimately in infrastructure projects, so the yield of public REITs depends heavily on the operation of infrastructure projects, and infrastructure projects may be affected by factors such as changes in the economic environment or poor operation, resulting in actual cash flow being significantly lower than the forecast data, and there is a risk that the fund yield will not meet expectations.
Previously, CITIC Securities wrote that the REITs market has the defect of having few investable targets and a small asset scale of a single target. "We believe that the main contradiction in the current REIT market is the contradiction between the large underlying underlying assets, the equally large amount of funds that want to enter, and the listed products with limited choice and insufficient ability to accommodate funds. At this stage, the liberalization and expansion of fundraising is not expected to not only not affect the current price of REIT products, but can absorb more funds to truly enter the REIT market, giving these funds the opportunity to allocate on a large scale. We are optimistic about the entire REIT market and recommend investors to distinguish the risks of different REIT products from different dimensions, such as the degree of impact of the epidemic, the possibility of subsequent capitalization expenses on operating assets, and the region where the underlying assets are located. ”
It is worth noting that the recent launch of the expansion of the five REITs in the first batch of listings marks another important step in the development of public REITs in mainland China. The launch of the REIT expansion will inject more vitality into the REIT market and is expected to enhance the revenue capacity of the underlying assets.
The fixed income team of Huatai Securities believes that if the public REITs purchase more projects with higher asset quality, it will bring more dividends to investors, but whether the dividend rate will increase also depends on the pricing and operation of the expansion projects. The impact on the secondary market price needs to pay attention to the quality of the assets to be acquired, the valuation of the newly acquired assets, and whether the fund has sufficient debt financing space. As more assets of the same kind enter the market, the medium-term valuation of REITs may diverge. With the reduction of market scarcity, it will help asset valuation return to intrinsic value, promote secondary pricing to be more rational, and the prices of existing public REITs may diverge in this context.
In addition to the risks of underlying asset operation, Huaxia Fund has said that public REITs are listed and traded on the stock exchange, and price fluctuations in the secondary market will directly affect investors' investment income. Investors need to carefully study the quality of the underlying assets invested by the REITs, have a comprehensive judgment on the location, historical operating conditions, cash flow forecasts, reasonableness of the appraised value of the assets and other factors, and then make an investment judgment based on whether the price in the secondary market deviates from the fundamentals of the REITs.
How to subscribe to REITs
Public REIT funds are completely different from the funds we have come into contact with before, for example, public REIT funds cannot be purchased and redeemed – they can only be subscribed at the time of issuance or bought and sold after listing.
The subscription of REITs is divided into two ways: off-market and on-market.
There are many ways to buy over-the-counter, such as buying on the official website of the fund company, which has the advantage of relatively low handling fees; The advantage of buying funds on a third-party platform is that it is relatively simple to operate, but it is inconvenient to trade.
Floor buying is when investors can make purchases through securities accounts where they trade stocks. Investors need to have a stock account and handle the opening of basic fund permissions on the APP, they can choose the corresponding REITs to buy, of course, the relevant permissions are best opened in advance. It is recommended that investors go directly to the brokerage APP to buy.
If investors use an on-exchange securities account to subscribe for infrastructure REITS fund shares, they can directly participate in on-exchange trading, and if investors subscribe using an over-the-counter fund account, they need to host the securities operating institutions on the floor before trading, and the way infrastructure REITS funds are managed is consistent with other public funds.
Of course, investors can also choose to buy and sell directly in the secondary market, naturally bearing the risk of price fluctuations of the corresponding products.
Reporter's Notes | In the short term, it is difficult to alleviate the shortage of public REITs
In 2022, public REITs have suddenly become fragrant, with hot funds, and the 30CM price limit show on the first day of listing continues to be staged.
From an economic point of view, the popularity of REITs corresponds to a pattern of short supply. In particular, with the advent of asset shortage in 2022, funds are more eager for safe-haven varieties, with a high cash distribution rate, investing in high-quality assets screened out by layers of checks, REITs once became a reassuring variety that can be bought with closed eyes in the eyes of the public.
High-quality varieties are naturally scarce, so REITs are the top students in the primary market that institutions and investors are rushing for; The secondary market is still sought after by funds, often accompanied by higher premium rates. With the expansion of REITs and the expansion of the first batch of 5 REITs, the overall scale of public REITs has further expanded, but in the short term, the pattern of insufficient supply and demand is still difficult to alleviate.
REITs are an inevitable trend of historical development, along with expansion, there is a high probability that public REITs will also move from general growth to differentiation in the future, and those REITs with good asset quality and operating capacity, as well as stable cash flow and outstanding dividend ability, are still the law of the best.
Reporter | Li Na
Editor| Zhao Yun
Co-editor| Yi Qijiang
Visual | Zou Li
Proofreader| Xiao Hongyue
Typesetting| Zhao Yun
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